You Can Buy and Sell Gold with Bitcoin

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The P2P (peer-to-peer) trading platform Paxful has made a new announcement for Bitcoin users. According to the company’s statements, Bitcoin users can now buy gold through Paxful.

Purchase and sale
In the articles we shared in the past days, we mentioned the gold crisis in the world. Paxful has now taken a step that concerns both gold traders and Bitcoin users.

Paxful users are currently able to use more than 300 payment methods to receive Bitcoin (face-to-face payment, bank transfer, etc.). Users can now also sell gold to buy Bitcoin. The person who wants to do the opposite can use Bitcoin to buy gold. Ray Youssef, Paxful CEO, says the following about this new service:

“People are still using gold as a safe haven after the recent economic developments. Isn’t there a symbolic side to buying and selling gold with Bitcoin, digital gold? ”

According to Youseef’s comments, there are a lot of people on the market who want to buy and sell gold with Bitcoin right now. Saying that he was “surprised” by himself, Youseef says that there is “an intense demand” about this issue in the market.

How will the transactions be?
Paxful users who want to buy gold with Bitcoin will be able to trade after finding a suitable seller. These BTCs will be held in Paxful’s account for a while after users send BTC to the seller. The seller will need to supply the gold within 21 days. After reaching the gold buyer, BTCs in Paxful’s account will also be transferred to the seller.

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Paxful users should act as carefully as possible during this process. Paxful’s advice to users is to “check the quality of gold” before paying. Users may also request the following information from the other party before taking any action:

Invoice
Document that gold is real
Photo of the identity information of the other party
Photo of gold
Cargo number


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